1. Establish and build an emergency fund for what can go wrong.

 

2. Adjust the types of insurance to match your age and stage of life.

 

3. Develop a plan to pay off debt. (High interest and non-deductible debt first.)

 

4. Consider your personal situation when deciding whether to pay off, or refinance, equity lines and mortgages.

 

5. Re-evaluate the stability of your investments as you approach retirement.

 

6. Draw your retirement income from stable sources.

 

7. Build your investment portfolio to be flexible, liquid, diversified, and low-cost. It should also carry a level of risk that matches your individual situation and preferences.

 

8. Be realistic about your ability to manage your investments yourself.

 

9. Base your selection of an adviser on the types of products and services you need.

 

10. Realize that you must like, trust, and believe in your adviser for the relationship to work.

 

11. Reduce marital stress and strain with a written financial plan and a practical budget.

 

12. Explore and select the best Social Security election date and strategy for your situation.

 

13. Minimize income taxes with a plan for how to draw from various investment accounts.

 

14. Monitor your investments on a regular basis.

 

15. Remain vigilant to avoid scams.

 

16. Build your plan before you retire.

 

17. Ask an attorney to guide you on the appropriate estate planning documents for your situation.

 

18. Talk to your family about your estate plans.

 

19. Learn about and leverage trusts to achieve your personal legacy and provide for your loved ones.

 

Truthfully, these tips are only as good as your ability to implement them. Get objective advice from an experienced financial professional with respected credentials. While you do that, I’ll start working on tips for the next twenty years!

 

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